Gold Hits Record Above $4,600 as Geopolitical Risks and Fed Independence Fears Mount

Investors rushed into gold as rising geopolitical risks and renewed doubts about Federal Reserve independence rattled markets and weakened the dollar.

Gold bullion coins from USA and France are displayed in Madrid on Feb. 19, 2026. Thomas Coex/AFP via Getty Images

Gold prices surged to a fresh all-time high on Jan. 12, breaking more than $4,600 per ounce, as escalating geopolitical tensions and investor concerns about Federal Reserve independence reignited demand for safe-haven assets, battered the dollar, and weighed on stocks.

Spot gold rose by more than 2.3 percent to $4,615.36 per ounce as of 10:07 a.m. EST on Jan. 12, while U.S. gold futures for February delivery climbed by more than 2 percent to $4,611.3, after briefly surging to about the $4,626 mark in earlier trading.